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Abidjan, Côte d’Ivoire, July 3, 2023

Group Carré d’Or, through Holea holding, its parent company, finalized the sale of its subsidiary Nouvelle MICI EMBACI (“NME“), the packaging leader in Côte d’Ivoire, to a consortium formed by Advanced Finance and Investment Group (“AFIG Funds”) and Norfund, the Norwegian Investment Fund for Developing Countries.

Owned by Group Carré d’Or for more than fifteen years, NME has become one of the leaders in the manufacturing of cardboard and paper packaging, polypropene bags and recycling in French-speaking sub-Saharan Africa. NME’s customers are among the leading local and multinational companies in the region, a testimony of its high-quality packaging solutions and excellent service delivery.

AFIG and Norfund benefited from the financing support of Bridge Bank Côte d’Ivoire and Mauritius Commercial Bank.

This transaction represents one of the largest Private Equity transactions carried out in Côte d’Ivoire in recent years.

Ernst & Young Cote d’Ivoire acted as financial advisor to AFIG Funds and co-investors while ASAFO and Co acted as legal advisors to the AFIG Funds consortium.

KeysFinance Partners acted as exclusive financial advisor to Group Carré d’Or.

Emile ABI-AAD, Deputy General Manager, Holea Holding

« This strategic transaction allows the Group to intensify its focus on its core business, which include FMCG and retail, while providing NME with significant development prospects in the region».

Jean-Michel ETTE, Partner and CEO, KeysFinance Partners

« We are very happy to have worked alongside the main Ivorian private group in this strategic transaction, which reflects our permanent commitment to family groups in the region and our ability to provide them with long-term solutions».

About Group Carré d’Or

Holea Holding is the holding company of the leading agro-industrial Group Carré d’Or, a family-owned conglomerate with interests in FMCG, logistics, and retail industries in West Africa.

Advanced Finance & Investment Group (“AFIG Funds”) is a leading private equity fund management company established in 2006 with two funds under management, the Atlantic Coast Regional Fund and AFIG Fund II. AFIG Funds makes growth equity investments across diverse sectors in West, Central, and East Africa and in companies led exclusively by African entrepreneurs and with strong impact in their economies. AFIG Funds is registered in Mauritius and headquartered in Dakar, Senegal. 


Norfund is a Norwegian development finance institution that invests in private companies in developing countries. Norfund was established in 1997 by the Norwegian government and has invested over $2 billion in over 300 companies in Africa, Asia, and Latin America. Norfund’s investments are focused on sustainable sectors such as renewable energy, clean water, and agriculture. Norfund aims to create jobs, improve lives, and reduce poverty in developing countries.

About KeysFinance

Founded in 2014 by Joël Cadier, with the support of African investors, KeysFinance Partners is a leading Investment Bank and corporate finance advisor specializing in sub-Saharan Africa. Relying on a team of experienced international finance professionals, the firm offers best-in-class services in Mergers & Acquisitions, Strategic Advisory, restructuring & capital structure, and fundraising to global and regional shareholders, institutions, governments, and individuals. KeysFinance Partners is headquartered in Mauritius, with a principal office in Abidjan.

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